Asian stocks surge despite public holidays

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Asian stocks surge despite public holidays

SYDNEY, NSW, Australia -- Stocks in Asia moved sharply higher on Tuesday, despite markets in Hong Kong and Shanghai being closed for public holidays.

Geoff Wilson, chief investment officer at Wilson Asset Management in Sydney, told Reuters on Tuesday that it feels short term it's a little oversold.

It's nearly impossible to pick the bottom, but I don't think so, he said.

The key index went up 248.90 points or 3.74 percent to 6,905. The Australian market was affected by an announcement earlier in the day that the Reserve Bank of Australia hiked official interest rates by 25 basis points, which is well below expectations for a 50 basis point hike.

The move caught markets by surprise, sending the major indexes higher and the Australian dollar lower.

The S&P NZX 50 jumped 130.58 points or 1.19 percent to 11,090 in New Zealand. The Kospi Composite added 54.55 points or 2.53 percent to 2,210 in South Korea. Overnight on Wall Street, the Dow Jones Industrials surged 765.38 points or 2.66 percent to 29,490. The Tech-laden Nasdaq Composite gained 239.82 points or 2.27 percent to 10,815. The Standard and Poor's 500 added 92.81 points or 2.59 percent to 3,678.